State Bank of India does not trust UPI


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UPI: Public sector banks including SBI cast doubt on safety of UPI - The Economic Times

This explains the Rs. 10,000 per transaction and Rs. 20,000 per day limits on UPI transactions. Freakshow.

“UPI is unsafe and those vulnerabilities have to be fixed,” a senior SBI official said on condition of anonymity. “When the customer registers with UPI, he gives his mobile number. If that number exists in the bank database, automatically that account gets linked, except for debit card details. There is no further identification required to ascertain where this account is logged in from. So, if one manages to clone the SIM card, a fraudster can easily siphon money,” the official said.
The bank has filed a police complaint against 50 people for unlawfully initiating transactions through UPI. “We have now enabled the facility that if they so like, banks can go for a higher degree of authentication by asking the customer to put their ATM pin as well,” said AP Hota, managing director of the National Payments Corporation of India (NPCI), the nodal agency for all retail payment systems in the country.